MBA woman wanted for Rs20cr investment con nabbed in Delhi

MUMBAI: A 38-year-old woman, against whom a lookout circular notice had been issued by the city police, was detained by the immigration authorities at Delhi airport. The accused Shan Fatema, holder of an MBA, was wanted in a Rs25 crore fraud investment case.

Fatema was detained just as she was about to check in for a flight to a Gulf country. The mother of two was brought to Mumbai by officials of the economic offences wing of the city police.

A police officer said that Fatema and a few others had floated an investment scheme under the banner of Mega Fine Agro Concept Pvt Ltd which lured middle-class investors with 18 per cent annual return. The firm said it would invest in agro-trading, fisheries, farming and real estate. So far, 4,200 people have said they had invested in the schemes.

The police said that investors got the promised return for about two years. "Since March 2014, the payments stopped. People started visiting the firm's Goregaon office. A few months later, this office was also shut down," said an officer.

The police have confiscated 66 acres of land in Kasara which belonged to the company, Fatema's row house at Goregaon and other properties all of total value around Rs20 crore.

Assistant police inspector Sunil Pawar said that their probe is at a "vital juncture" but refused to divulge details.

Rizwan Ahmed from an NGO, which has been following up the case with investors, said they are hopeful that investors will now get back their money.